Foreign reserves climb to highest in 13 months

Higher gold holdings push GIR to $111.07 B in November

- By KEISHA TA-ASAN

The country’s dollar reserves rose for a second straight month in November, reaching their highest level in more than a year on the back of stronger gold holdings, preliminary data from the Bangko Sentral ng Pilipinas showed.

The BSP said gross international reserves increased to $111.07 billion as of end-November, from $110.25 billion a month ago. This marked the highest level in 13 months or since the $111.08 billion GIR recorded in October 2024.

GIR is the sum of all foreign exchange flowing into a country. The reserve buffer provides assurance that the country can meet foreign obligations, finance imports and mitigate external shocks.